When you make a move, you want to sell your house for thehighest pricepossible. That might be why many homeowners are eager to list in todayssellers market. After all, with record-lowinventoryand highbuyer demand, many homes are selling for more than asking price. Data from theNational Association of Realtors(NAR) shows46% of homes are selling above list price today.
But even in a market like we have now, working with a Seven Gables agent to set the right asking price is critical, as pricing it too high or too low could have a negative impact on your final sale. Heres why.
Pricing Your House Right Is Crucial Even in a Sellers Market
The price you set for your house sends a message to potential buyers. Price it too low and you might raise questions about your homes condition or lead buyers to assume something is wrong with the property. Not to mention, you could leave money on the table, which decreases your future buying power if you undervalue your house.
On the other hand, price it too high and you run the risk of deterring buyers. When that happens, you may have to do a price drop to try to re-ignite interest in your house when it sits on the market for a while. But be aware that a price drop can be seen as a red flag for some buyers who will wonder why the price was reduced and what that means about the home.
In other words, think of pricing your home as a target.Your goal is to aim directly for the center not too high, not too low, but right at market value.Pricing your house fairly based on market conditions increases the chance youll have more buyers who are interested in purchasing it. That makes it more likely youll see a bidding war, too. And when a bidding war happens, youll likely get an even higher final sale price. Plus, when homes are priced right, they tend to sell quickly.
To get a look into the potential downsides of over or underpricing your house and the perks that come with pricing it at market value, see the chart below:
Lean on a Professionals Expertise To Price Your House Right
There areseveral factorsthat go into pricing your house and balancing them is the key. Thats why its important to lean on an expert real estate advisor when youre ready to move. A local real estate advisor is knowledgeable about:
- The value of homes in your neighborhood
- The current demand for houses in todays market
- The condition of your house and how it affects the value
A Seven Gables Advisor will balance these factors to make sure the price of your house makes the best first impression and gives you the greatest return on your investment in the end.
Bottom Line
Even in a sellers market, pricing your house right is critical. Dont rely on guesswork. Connect with one of our Seven Gables Advisors to make sure your house is perfectly priced.
